Loan Update: PMA Drives Business Growth providing funding for Truck, Trailer, and Essential Working Capital

Scenario

The loan was to finalise the purchase of a truck and trailer, along with securing additional working capital for their business.

As collateral, they had offered a residential property situated on semi-rural land in the Upper Hunter Valley in New South Wales. The unencumbered property boasted a fully renovated house, featuring four bedrooms, two bathrooms, and a spacious garage. 

Why PMA?

The borrowers had required the financing promptly and couldn’t afford to wait for the banks to evaluate their financials in order to approve the application. The banks requested their current completed financials along with projections and interim financials. None of these were ready when the client required the funds. 

PMA Solution ?

PMA as a lender did not require client’s financials, instead they obtained sworn valuation of the security property from an independent valuer and finalised the approval.

Exit

The exit strategy was to refinance out to a bank as soon as the financials were prepared.